The Ministry of Entrepreneur and Cooperatives Development commits to approving complete loan applications within five working days to reduce bureaucracy.
KINABATANGAN: Loan applications submitted to agencies under the Ministry of Entrepreneur and Cooperatives Development (KUSKOP) will be approved within five working days.
Deputy Minister Datuk Mohamad Alamin said the move is crucial to reduce bureaucracy and allow entrepreneurs to obtain capital promptly.
“We have heard many complaints from entrepreneurs regarding delays in loan approvals, so we have agreed to approve loan applications within five working days, provided all documents are complete,” he told reporters.
He was speaking after officiating the Jualan MADANI Koperasi dan Usahawan (JMKU) Programme at Koperasi Pelancongan Mukim Batu Puteh (KOPEL).
Mohamad added that KUSKOP has established data sharing to prevent entrepreneurs from being burdened with multiple forms.
This ensures their data is available for each application, eliminating the need to provide new documents repeatedly.
At the event, he presented mock cheques to several entrepreneurs and cooperatives as part of the government’s commitment to their development.
He also announced that the JMKU programme will be expanded to all districts in Sabah this year to boost sales and income.
Regarding the RM11 million financing provided to KOPEL, Mohamad said it aims to help the cooperative acquire assets and expand its business.
